$9$:$48$

$48$

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Abby Co$.$ allows each employee two weeks of paid time off during each calendar year. Since employees are working for $50$ weeks, rather than $52$ weeks, Abby must accrue the paid time off during the $50$ weeks that the employees work. The year$-$end adjusting entry is recorded as a credit to the account.

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Employee Wages Payable

Employee Taxes Payable

Vacation Benefits Payable

Concept Resources

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